'No suspension of fuel taxes' On March 16, Finance Secretary Carlos Dominguez explained why the taxes on fuel—gasoline and other refined petroleum products – will not be suspended. This is despite the recent stratospheric increases-- Read more here:
On March 16, Finance Secretary Carlos Dominguez explained why the taxes on fuel—gasoline and other refined petroleum products – will not be suspended. This is despite the recent stratospheric increases in local prices of gasoline and other refined petroleum products.
However, in 2017, we recommended, and the Congress agreed, to impose the following taxes: P10 per liter on gasoline; P6 per liter for diesel; P5 per liter on kerosene; and P3 per liter on petroleum — on petroleum gas, LPG, per kilo. We also imposed a tax of VAT, a tax on the value — on anything you buy, including fuel. We estimated that if we suspend the fuel excise taxes under TRAIN, it will reduce the total government revenue by P105.9 billion in 2022; in 2023, that goes up to P114.4 billion; in 2024, P123.6 billion; and so on. For the 10-year average of P160.3 billion a year or a total of P1,763.2 trillion for 10 years. This is equivalent to roughly one half of one percent of our GDP.
That money has already been allocated. If we suspend this, and we don’t collect it, what will happen is our debt-to-GDP ratio will go up by an estimated 7.7 percent to 8.2 percent.If we cut the — if we reduce the taxes — first of all, if we reduce the excise tax, it will reduce the cost of fuel by P10.
What we should do instead is to provide targeted relief to the most vulnerable sectors of our society and we will fund that from the higher VAT taxes — which we will collect because the fuel prices are going to be higher. The first tranche of this has been paid today , was —P2.5 billion and P500 million, respectively. Next month, we will release another P5 billion and P600 million for farmers. So this is the first step.
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